Cash Out Refinance
Cashing out refers to the refinancing of a loan where the borrowers will borrow money on their commercial property. If the property is appraised at $100,000 and the borrower's outstanding mortgage loan is $50,000, it is possible to enter into an 60-70% cash-out refinance transaction for a loan of $70,000 (70% of $100,000). The new mortgage of $70,000 will pay off the $50,000 loan and leave $20,000 cash-out to the borrowers.
What are the benefits?
By cashing out on your commercial property, you can obtain cash on the value of your property to pay off debts or upcoming expenses. The refinance transaction can also provide you with a better commercial loan interest rate that will save on your monthly loan payments during the loan. And it's tax-deductible.
How can we help?
If you are looking for this type of refinancing, Glamour Enterprises, LLC can find a program suited to your financial needs. We offer cash-out programs for Owner-occupied and Non-owner occupied commercial properties, with low, affordable rates.